Question

Cutter Enterprises purchased equipment for $90,000 on January 1, 2021. The equipment is expected to have...

Cutter Enterprises purchased equipment for $90,000 on January 1, 2021. The equipment is expected to have a five-year life and a residual value of $7,200. Using the sum-of-the-years'-digits method, depreciation for 2021 and book value at December 31, 2021, would be: (Do not round depreciation rate per year)

Homework Answers

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
MC Qu. 41 Cutter Enterprises purchased equipment... Cutter Enterprises purchased equipment for $78,000 on January 1,...
MC Qu. 41 Cutter Enterprises purchased equipment... Cutter Enterprises purchased equipment for $78,000 on January 1, 2018. The equipment is expected to have a five-year life and a residual value of $4,800. Using the sum-of-the-years'-digits method, depreciation for 2019 and book value at December 31, 2019, would be: (Do not round depreciation rate per year)
Cutter Enterprises purchased equipment for $99,000 on January 1, 2018. The equipment is expected to have...
Cutter Enterprises purchased equipment for $99,000 on January 1, 2018. The equipment is expected to have a five-year life and a residual value of $3,900. Using the sum-of-the-years'-digits method, depreciation for 2018 and book value at December 31, 2018, would be: (Do not round depreciation rate per year) Multiple Choice $33,000 and $66,000 respectively. $31,700 and $67,300 respectively. $33,000 and $62,100 respectively. $31,700 and $63,400 respectively.
Cutter Enterprises purchased equipment for $57,000 on January 1, 2018. The equipment is expected to have...
Cutter Enterprises purchased equipment for $57,000 on January 1, 2018. The equipment is expected to have a five-year life and a residual value of $4,500. Using the sum-of-the-years'-digits method, depreciation for 2019 and book value at December 31, 2019, would be: A.$15,200 and $22,800 respectively. B.$14,000 and $25,500 respectively. C.$14,000 and $21,000 respectively. D. $15,200 and $18,300 respectively.
Cutter Enterprises purchased equipment for $78,000 on January 1, 2018. The equipment is expected to have...
Cutter Enterprises purchased equipment for $78,000 on January 1, 2018. The equipment is expected to have a five-year life and a residual value of $4,200. Using the sum-of-the-years'-digits method, depreciation for 2018 and book value at December 31, 2018, would be: A.$26,000 and $52,000 respectively. B.$24,600 and $53,400 respectively. C.$24,600 and $49,200 respectively. D.$26,000 and $47,800 respectively.
Cutter Enterprises purchased equipment for $66,000 on January 1, 2021. The equipment is expected to have...
Cutter Enterprises purchased equipment for $66,000 on January 1, 2021. The equipment is expected to have a five-year life and a residual value of $6,300. Using the double-declining-balance method, the book value at December 31, 2022, would be: Multiple Choice Listed: $13,200. $22,860. $24,960. $23,760
Kansas Enterprises purchased equipment for $60,000 on January 1, 2021. The equipment is expected to have...
Kansas Enterprises purchased equipment for $60,000 on January 1, 2021. The equipment is expected to have a five-year service life, with a residual value of $5,000 at the end of five years. Using the straight-line method, depreciation expense for 2022 and the book value at December 31, 2022, would be:
Cutter Enterprises purchased equipment for $69,000 on January 1, 2018. The equipment is expected to have...
Cutter Enterprises purchased equipment for $69,000 on January 1, 2018. The equipment is expected to have a five-year life and a residual value of $6,300. Using the double-declining balance method, the book value at December 31, 2019, would be: A.$24,840. B.$13,800. C.$23,940. D. $26,040.
Cutter Enterprises purchased equipment for $63,000 on January 1, 2018. The equipment is expected to have...
Cutter Enterprises purchased equipment for $63,000 on January 1, 2018. The equipment is expected to have a five-year life and a residual value of $6,000. Using the double-declining balance method, depreciation for 2018 and the book value at December 31, 2018, would be: Multiple Choice $22,800 and $40,200 respectively. $25,200 and $37,800 respectively. $25,200 and $31,800 respectively. $22,800 and $34,200 respectively.
Archie Co. purchased a framing machine for $50,000 on January 1, 2021. The machine is expected...
Archie Co. purchased a framing machine for $50,000 on January 1, 2021. The machine is expected to have a four-year life, with a residual value of $8,000 at the end of four years. Using the sum-of-the-years'-digits method, depreciation for 2021 and book value at December 31, 2021, would be: (Do not round intermediate calculations.)
Archie Co. purchased a framing machine for $62,000 on January 1, 2021. The machine is expected...
Archie Co. purchased a framing machine for $62,000 on January 1, 2021. The machine is expected to have a four-year life, with a residual value of $5,000 at the end of four years. Using the sum-of-the-years'-digits method, depreciation for 2021 and book value at December 31, 2021, would be